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Fee Schedules
There is no gas fee charged to users in the Term Structure protocol. Thanks to the secure and efficient zkTrue-up system, users do not need to worry about high gas fees due to high frequency of transaction tickets for placing and canceling orders. Part of the fees the protocol received will be used to pay gas fees for rollups on the Ethereum mainnet by zkTrue-up. Two types of fees will be charged by the protocol - Withdraw Fees and Transaction Fees.
Withdraw Fees are charged when users withdraw Base Tokens. The fee is equivalent to ~ USD 1 on the user's Base Token to be withdrawn for each withdrawal action.
There are no withdrawal fee for users to withdraw tsbTokens.
Transaction fees are charged after the orders are matched. There are different fee schedules for each market. Please refer to below for details.
There is no fee charged to place or cancel orders. All other actions on unmatched orders are free of charge too.
Fees to borrowers are
10% of the interest to be paid for their borrowing. Hence, the fees will be decided by the borrowing amount, auction result of interest rates, and maturity dates. Fees to lenders are the equivalent amount of
0.1% per annum of the lending amount.N: Borrowing or Lending amount in Primary Markets
R: Matched interest rate
D: Days (Maturity date - Auction date)
Borrower fee = N * R * 10% * (D/365)
Lender fee = N * 0.1% * (D/365)
For example., if Alice borrows10,000 in USDCfrom Bob at5%for180 days, Alice needs to pay the fee amount at10,000 * 5% * 10% * (180/365) ~= 24.66 in USDCand Bob needs to pay the fee amount at10,000 * 0.1% * (180/365) ~= 4.93 in USDC.
Fees are charged when the auction match is done. There are minimum fee charges to borrowers and lenders when there is a match. Borrowers' minimum fees are ~ USD 10 equivalent, and lenders' minimum fees are ~ USD 2 equivalent. Note that if the required fees are higher than ~ USD 10 for any borrower and ~ USD 2 for any lender according to the above formula, there will be no additional ~ USD 10 or ~ USD 2 to be charged in fees.
Different fees are charged to users according to whether they are market makers or market takers. For each secondary-market transaction, fee charges to market makers are
0.1%per annum rate on the notional value of tsbTokens while fee charges to market takers are 0.3% per annum rate on the notional value of tsbTokens regardless of whether the tsbTokens are traded at a discount or premium to par value. Notional value is the number of tsbTokens that can be redeemed for the same number of the underlying tokens at maturity. N: Notional value of tsbTokens
D: Number of days to maturity (maturity date - trade date)
Market Maker Fees = N * 0.1% * (D/365)
Market Taker Fees = N * 0.3% * (D/365)
Fees are charged when the orders are matched.
Note that those who place limit orders that are matched immediately due to the orders on the opposite side are already in orderbook will be considered as market takers.
Like Primary Markets, minimum fee charges to market makers are ~ USD 0.75 equivalent, and to market takers are ~ USD 1.5 equivalent. Note that if the required fees are higher than ~ USD 0.75 for any market maker and ~ USD 1.5 for any market taker according to the above formula, there will be no additional ~ USD 0.75 or ~ USD 1.5 to be charged in fees.
Different fees are charged to users according to whether they are market makers or market takers regardless of whether they are borrowers or lenders in the Repo Markets. Fee charges to market makers are
0.2% per annum rate on the notional value of the collateralized tsbTokens while fee charges to market takers are 0.4% per annum rate on the notional value of the collateralized tsbTokens regardless of whether the tsbTokens are traded at a discount or premium to par value.The fee will be deducted through the initial settlement of a repo transaction.
N: Notional value of tsbTokens
D: Number of days to maturity (maturity date - trade date)
Market Maker Fees = N * 0.2% * (D/365)
Market Taker Fees = N * 0.4% * (D/365)
Last modified 26d ago